what is the meaning of FBT?

Question

please tell me the meaning of FBT and how it applicable on salary, wages or what else

Answer 1

Fringe benefit tax

it is levied on any facility that company gives to employee such as car, rent for house. the basic idea is like the money spent on employee is actually its income but not direct for ex- If company pays employee Rs 500 as phone bill allowance the person actually indirectly earned 500 rs but that was till date not considered for income tax so to tax such extra income and restrict use of sops to employees by company this tax is levied

Answer 2

Fbt Meaning

Answer 3

Fringe Benefits Tax

Answer 4

Fringe Benefits Tax:
The taxation of perquisites -- or fringe benefits -- provided by an employer to his employees, in addition to the cash salary or wages paid, is fringe benefit tax.

Any benefits -- or perks -- that employees (current or past) get as a result of their employment are to be taxed, but in this case in the hands of the employer.

This includes employee compensation other than the wages, tips, health insurance, life insurance and pension plans.

Fringe benefits as outlined in section 115WB of the Finance Bill, mean any privilege, service, facility or amenity directly or indirectly provided by an employer to his employees (including former employees) by reason of their employment.

They also include reimbursements, made by the employer either directly or indirectly to the employees for any purpose, contributions by the employer to an approved superannuation fund as well as any free or concessional tickets provided by the employer for private journeys undertaken by the employees or their family members...

Although fringe benefit tax may seem new to India, it's not a novel concept. This tax is already levied in the United States, the United Kingdom, Canada, Australia, New Zealand, Japan and some other nations.

Answer 5

it means Fringe Benefits Tax

Answer 6

Fringe benefit tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer...

Answer 7

FBT is fringe benefit tax.
http://www.rediff.com/money/2005/mar/22spec.htm

Answer 8

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RE:
what is the meaning of FBT?
please tell me the meaning of FBT and how it applicable on salary, wages or what else